Substitution Effect
Income Effect
Both substitution and income effect
None of them
C. Both substitution and income effect
ATC
AVC
AFC
None of the above
Firms and industry price
Monopoly and duopoly price
Competitive and monopoly price
None of the above
Warehouses
Buildings
Dams
Share of stock
Current demand for computers will fall
Current demand for computers will rise
Current demand will change unpredictably
Current supply of computers will rise
Analyst
Catalyst
Pessimist
Optimist
E.H.Chamberlin
Joan Robinson
E.A.G.Robinson
J.M.Keynes
No distinction between firm and industry
One firm and no industry
No firm and no industry
None of the above
Ricardo
Marshal
Neomann and Morgenstern
Karl Marx
Freedom of entry and exit
Each seller is a price taker
Perfect information about prices
Heterogeneous products
Monopoly
Multi-plant monopoly
Bilateral monopoly
Price discrimination
Change in consumers income
Change in consumers tastes
Change in price
None of the above
Increase in demand for Y
Decrease in demand for Y
Decrease in demand for both X and Y
No change in demand for Y
More than maximum output
More than minimum output
Less than maximum output
Less than minimum output
Explicit costs
Implicit costs
Social costs
Private cost
Technological progress shifts the production function by allowing the firm to achieve more output from a given combination of inputs (or the same output with fewer inputs)
Technological progress shifts the production function by allowing the firm to achieve less output from a given combination of inputs (or the same output with more inputs)
Technological progress shifts the import function to the right
None of the above
Both parties make better-off
Both parties make worse-off
Both parties become Neutral
One party can become better off only if another is made worse off
A and B are substitute goods
A and B are complementary goods
A is an inferior good
B is an inferior good
Firm
Product group
Producers
Shopkeepers
Zero elasticity
An elasticity greater than one
Unitary elasticity of supply
An elasticity less than one
Law of production
The Law of Equi-Marginal Utility
The Law of Diminishing Marginal Utility
Law of Variable Proportions
Adam Smith
Karl Marx
Ricardo
Pigou
a = ½
� = ½
Both of them
None of them
Variety of uses for that commodity
Its low price
Close substitutes for that commodity
High proportion of the consumers income spent on it
Fixed cost per unit
Variable cost per unit
Total cost per unit
Marginal cost
The price at which the marginal unit sells
Total revenue sale of all units divided by volume of sales
Average revenue of total output average revenue of last unit
The change in total revenue resulting from the sale of one unit more of output
None of the factors are variable in the long-run
All factors are perfectly divisible in the long-run
None of the factors is divisible
Management factor is indivisible while all other factors are divisible and can be varied in long-run
What to produce
How to produce
How to maximize private profit
For whom to produce
Downward
Upward
Horizontal
Straight line
Capital cost plus operating costs
Capital costs alone
Capital costs plus spill-over costs
Operating costs alone